Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $163,199
- Funds due
- $174,568
- Interest + MI left
- $268,405
- First ends
- Apr 2053
Assumption
Assumption + second
$2,886/mo
+$881/mo- Down payment
- $43,199
- Funds due
- $55,844
- Interest + MI left
- $465,391
- First ends
- Apr 2053
New loan
New conventional
$3,053/mo
+$1,047/mo- Down payment
- $43,199
- Funds due
- $52,067
- Interest + MI left
- $578,951
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,801 | $261,801 | $381,801 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,672.57 | $1,672.57 | $2,643.51 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | — | — | $76.36 |
| Taxes, insurance & HOA | $332.67 | $332.67 | $332.67 |
| Total housing payment | $2,005.24 | $2,885.76 | $3,052.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,199
Closing costs & prepaids$12,645
Usable credit−$0
Total buyer cash needed$55,844
Earnest money paid−$0
Remaining funds due$55,844
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,309.01
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$548.00
Prepaid interest, first (1 days)$44.11
Prepaid interest, second (1 days)$26.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 5 moOf the original 30-year loan at 6.150%
Interest already paid$59,182Through Nov 2026
Assumption only · ends Apr 2053$268,405
Assumption + second · ends Apr 2053, second Dec 2056$465,391
New conventional · ends Dec 2056$578,951